Browsing by Subject "Italia"

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  • Schmöller, Michaela (2013)
    Suomen Pankki. BoF online 7/2013
    In the wake of the recent economic crisis, unemployment rates in many countries have notably increased and the question of how to promote employment and combat unemployment has become a central and difficult matter for policy-makers. In the light of these challenges, Germany is commonly considered a role model for tackling the problem of unemployment. Even as recently as a decade ago, Germany faced persistently high unemployment and its labour market institutions were regarded as a symbol of inflexibility. Today, the unemployment rate in Germany is remarkably low and not even the vast GDP drop in the recent 'Great Recession' has hampered this exceptional labour market performance. This striking change in the German labour market even led to the Nobel Prize winner Paul Krugman coining the term 'German job miracle' in order to describe the evolution of the German labour market. The aim of this study is to shed light on this 'job miracle' in Germany.
  • Castelli, Annalisa; Dwyer, Gerald P.; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 36/2009
    Published in European Financial Management, Volume 18, Issue 1, January 2012: 28–67
    We examine the connection between the number of bank relationships and firms performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases, the effects being stronger for small firms than for large firms. We also find that the ratio of interest expense to assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with finding that suggest that having fewer bank relationships reduces the information asymmetries and agency problems and outweighs the hold-up problems.
  • Hellqvist, Matti; Laine, Tatu (2012)
    Suomen Pankki. E 45
    Chapter 1 Matti Hellqvist - Tatu Laine Introduction 9 Chapter 2 Klaus Abbink - Ronald Bosman - Ronald Heijmans - Frans van Winden Disruptions in large value payment systems: An experimental approach 15 Chapter 3 Edward Denbee - Rodney Garratt - Peter Zimmerman Methods for evaluating liquidity provision in real-time gross settlement payment systems 53 Chapter 4 Ronald Heijmans - Richard Heuver Is this bank ill? The diagnosis of doctor TARGET2 77 Chapter 5 Tatu Laine - Tuomas Nummelin - Heli Snellman Combining liquidity usage and interest rates on overnight loans: an oversight indicator 119 Chapter 6 Ronald Heijmans - Richard Heuver - Daniëlle Walraven Monitoring the unsecured interbank money market using TARGET2 data 135 Chapter 7 Luca Arciero Evaluating the impact of shocks to the supply of overnight unsecured money market funds on the TARGET2- Banca d'Italia functioning: a simulation study 169 Chapter 8 Ashwin Clarke - Jennifer Hancock Participant operational disruptions: the impact of system design 193 Chapter 9 Horatiu Lovin Systemically important participants in the ReGIS payment system 219 Chapter 10 Marc Pröpper - Iman van Lelyveld - Ronald Heijmans Network dynamics of TOP payments 235 Chapter 11 Carlos León - Clara Machado - Freddy Cepeda - Miguel Sarmiento Systemic risk in large value payments systems in Colombia: a network topology and payments simulation approach 267 Chapter 12 Horatiu Lovin - Andra Pineta Operational risk in ReGIS - a systemically important payment system 315 Chapter 13 Robert Oleschak - Thomas Nellen Does SIC need a heart pacemaker? 341 Chapter 14 Robert Arculus - Jennifer Hancock - Greg Moran The impact of payment system design on tiering incentives 379 Chapter 15 Martin Diehl - Uwe Schollmeyer Liquidity-saving mechanisms: quantifying the benefits in TARGET2 411 Chapter 16 Biliana Alexandrova-Kabadjova - Francisco Solís-Robleda The Mexican experience in how the settlement of large payments is performed in the presence of high volume of small payments 431
  • Junttila, Juha (2002)
    Bank of Finland. Discussion papers 2/2002
    Using recently developed modelling methodology of Economic Tracking Portfolios (ETP), we find that it is possible to forecast future values of inflation and changes in industrial production in the United States and at least three core euro countries - Italy, France and Germany - utilising only current and past financial market information.The longer the forecasting horizon, the better the forecasts based solely on financial market information compared to results from other methods.Of the analysed countries, the overall forecasting performance of the tracking portfolios is the best for the United States, and the method employed here clearly outperforms the forecasting performance of a more traditional VAR approach. Key words: financial markets, forecasting, macroeconomy, euro area, USA
  • Crowley, Patrick M.; Maraun, Douglas; Mayes, David (2006)
    Bank of Finland Research Discussion Papers 18/2006
    Published in Journal of Business Cycle Measurement and Analysis, No. 4, Volume: 2008, Issue 1: 63-95
    Using recent advances in time-varying spectral methods, this research analyses the growth cycles of the core of the euro area in terms of frequency content and phasing of cycles.The methodology uses the continuous wavelet transform (CWT) and also Hilbert wavelet pairs in the setting of a non-decimated discrete wavelet transform in order to analyse bivariate time series in terms of conventional frequency domain measures from spectral analysis.The findings are that coherence and phasing between the three core members of the euro area (France, Germany and Italy) have increased since the launch of the euro. Key words: time-varying spectral analysis, coherence, phase, business cycles, EMU, growth cycles, Hilbert transform, wavelet analysis JEL classification numbers: C19, C63, C65, E32, E39, E58, F40
  • Vajanne, Laura (2009)
    Bank of Finland Research Discussion Papers 27/2009
    This paper tests for the existence of market power in banking, using data on demand deposit rates of households and corresponding market rates in five euro area countries. An implicit measure for market power is based on a partial adjustment model that also allows for an asymmetric response of deposit rates to changes in market rates. The period covers the ten years since introduction of the euro. The analysis indicates that banks are exercising major market power within the euro area. In addition to general sluggishness, bank deposit rates reactions are clearly asymmetric: flexible when market rates are decreasing and rigid when rates are increasing. The degree of asymmetric behaviour can be interpreted as a further indication of the market power banks exercise. Despite country differences, a general pattern of interest rate adjustment in demand deposit pricing is observable.
  • Kinnunen, Helvi; Kuoppamäki, Pasi (1999)
    Euroalueen suurimmissa talouksissa ja Suomessa julkinen talous on tasaisen talouskasvun ja alhaisen korkotason vallitessa kestävällä pohjalla. jos talouskasvu häiriintyy toi korkotaso nousee, joutuu julkisen talouden kestävyys kuitenkin koetukselle.Verotuksen mahdollinen yhdenmukaistuminen kaventaisi erityisesti ankaran verotuksen maiden, kuten Suomen, finanssipolitiikan liikkumavaraa. Myös eläkemenojen kasvu väestön ikääntyessä aiheuttaa merkittäviä paineita julkisen talouden kestävyydelle.
  • Karjanlahti, Kristiina; Koskinen, Kimmo (2012)
    Bank of Finland. Financial market report 2
    Since the latter part of 2011, foreign capital has been flowing out of Spain and Italy, which has hampered banks funding, especially in Spain. In Italy, the flight of capital eased already in spring 2012. The data for September suggest that the situation has now improved in Spain, too.
  • Karjanlahti, Kristiina; Koskinen, Kimmo (2012)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Vuoden 2011 lopun jälkeen Espanjasta ja Italiasta on lähtenyt ulkomaista pääomaa, mikä on vaikeuttanut pankkien varainhankintaa etenkin Espanjassa. Italiassa pääomapako tasoittui jo kevään 2012 aikana. Syyskuun tiedot viittaavat siihen, että myös Espanjan tilanne on kohentunut.
  • Schmöller, Michaela (2013)
    Suomen Pankki. BoF online 9/2013
    1 Johdanto 4 2 Saksan työmarkkinauudistukset (2003 2005) 6 2.1 Lähtötilanne 7 2.2 Uudistusaskeleet 8 2.3 Uudistusten aikajana 14 3 Saksan "työllisyysihme" 15 3.1 "Euroalueen sairaasta miehestä" "Saksan työmarkkinaihmeeksi" 15 3.1.1 Uudistusten jälkeiset rakennemuutokset 17 3.1.2 Kestävyys suuressa taantumassa 23 3.2 "Työllisyysihmeen" kääntöpuoli: kriittisiä näkemyksiä Saksan työmarkkinoista 29 3.3 Saksan "työllisyysihme" yhteenveto 35 4 Maittainen vertailu: Työmarkkinauudistukset euroalueella 37 4.1 Ranskan, Italian ja Espanjan työmarkkinat viimeaikaisessa kriisissä 37 4.2 Maittainen vertailu 40 4.2.1 Työllisyyspalvelujen uudistus 40 4.2.2 Työttömien aktivointi 42 4.2.3 Työmarkkinoiden sääntelyn purkaminen 46 4.2.4 Uudistuksia, joita ei toteutettu Saksassa 50 4.3 Päätelmät 52 5 Päätelmät 54 Lähdeluettelo 56
  • Rantalainen, Kristina (1996)
    Suomen Pankin keskustelualoitteita 14/1996
    Tässä selvityksessä kuvataan Italian valtion velanottoa, valtion velkakirjamarkkinan toimintaa ja valvontaa sekä erityisesti markkinatakaajajärjestelmää.Italian valtion velkakirjamarkkinalle on tyypillistä kaksiportainen markkinatakaajajärjestelmä ja elektroninen kaupankäyntijärjestelmä.Markkinaosapuolien aloitteesta luotu markkinatakaajajärjestelmä otettiin käyttöön keväällä 1988 samanaikaisesti elektronisen kaupankäyntijärjestelmän kanssa. Vuoden 1994 aikana järjestelmää kehitettiin voimakkaasti. Aktiivisimmat markkinatakaajat erotettiin omaksi päämarkkinatakaajien ryhmäksi ja EU:n direktiivien mukaisesti sallittiin ulkomaisten välittäjien osallistuminen elektroniseen kaupankäyntijärjestelmään.Markkinatakaajilta ja päämarkkinatakaajilta edellytetään edelleen Italiaan etabloitumista. Avainsanat: joukkovelkakirjat, rahoitusmarkkinat, markkinatakausjärjestelmä